Laboratory Temperature Control Units Market size to exceed $800 Mn by 2026
Published Date: June 3, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Laboratory Temperature Control Units Market size is estimated to surpass USD 800 Mn by 2026; according to a new research report by Global Market Insights, Inc.
The business players operating in the laboratory temperature control units are continuously focusing on introducing efficient and affordable equipment that will eventually drive the market demand. Several market players including Thermo Fisher Scientific, IKA, Huber and PolyScience, among others are rapidly developing innovative products including laboratory temperature controllers, circulators, and chillers, among others. Therefore, the increasing demand for laboratory temperature control units for maintaining the temperature stability in various industries will impel the industry players to develop innovative and affordable laboratory products, thereby supporting the market growth.
Innovative ways for controlling the temperature range will act as a foremost growth driver
Technological advancements in manufacturing the laboratory temperature control units will render a positive impact on business progression. Advancements in medical technology have allowed various scientists and healthcare professionals to introduce innovative ways of controlling the temperature range during different processes. Medical technologies such as high-quality thermostats for laboratory use are further allowing healthcare professionals to spend minimum time during processes, thereby favoring market growth. The integration of laboratory equipment technology includes digital monitoring along with automatic temperature controlling throughout the entire process. Similarly, it also makes human work easier as automatically-controlled system controls the temperature stability and stops at a preferred set time that secures the laboratory temperature control units market expansion.
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Surged usage of laboratory temperature controllers in healthcare industry will favor the segmental growth
The laboratory temperature controllers accounted for around 4.5% revenue share in 2019. These controllers are widely used in the healthcare industry to maintain temperature stability. These temperature controllers are also available in two types known as single-loop and multi-loop that fosters the market progression. Moreover, these controllers play a vital role in a multitude of laboratory processes and are available in benchtop models thereby surges the overall laboratory temperature control units market progression.
Browse key industry insights spread across 204 pages with 240 market data tables & 17 figures & charts from the report, “Laboratory Temperature Control Units Market Size By Product (Laboratory Temperature Controllers, Laboratory Thermostats, Laboratory Chillers, Laboratory Circulators), By Modality (Standalone/Benchtop, Portable/Handheld), By End-use (Hospitals, Pharma & Biotech Industry, Chemical Industry, Food & Beverage Industry), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing preference towards portable equipment will offer lucrative growth opportunity
The portable/handheld equipment segment is set to expand at around 5.5% CAGR during the analysis timeframe. The portable equipment is widely used in the laboratories as compared to standalone/benchtop devices, as this equipment are easy to handle and transport. The above-mentioned benefits will provide attractive growth potential to the segment and drive the adoption of laboratory temperature control units across the globe.
Pharma & biotech segment is expected to show a substantial growth trajectory
The pharma & biotech industry segment was valued more than USD 200 million in 2019. Pharma and biotech industry widely require medical-grade temperature control units to confirm the integrity of sensitive samples and other specimens. In addition, to produce accurate test results in the research experiments, the samples must be stored at a specific temperature range. Several such mentioned aspects will witness significant progress in coming future.
Surging government support in the European region will accelerate the market expansion
Europe laboratory temperature control units market is expected to show a lucrative CAGR of more than 5.0% over the forecast period. The presence of large number of manufacturers in the region will drive the overall industry growth. Also, increasing disposable income resulting in treatment affordability and development of healthcare infrastructure will favor the regional market expansion. Moreover, rising government support for the development of innovative laboratory products is expected to benefit the market gain significant momentum.
Adoption of organic and in-organic strategies by market players will drive the business growth
The presence of a large number of healthcare facilities along with increasing demand for better and advanced services will augment the market progression. Few of the prominent laboratory temperature control units industry players functioning in the laboratory temperature control units market share are JULABO, Huber, IKA, Thermo Fisher Scientific, Lauda, Delta Electronics, Bio-Rad and Polyscience, among others. These foremost players are engaged into several strategic alliances to gain considerable revenue shares in laboratory temperature control units business. For instance, In November 2019, the company introduced Durachill Portable/Handheld Recirculating Chillers engineered to meet the growing needs of the cannabis industry. This launch helped the company to expand their product portfolio.
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